According to a new report, published by KBV research, The Global Electric Motor Market size is expected to reach $236.3 billion by 2030, rising at a market growth of 7.4% CAGR during the forecast period. In the year 2022, the market attained a volume of 2,56,315.9 thousand units, experiencing a growth of 7.6% (2019-2022).
The Integral Horsepower (IHP) segment is experiencing a CAGR of 9.7% during (2023 - 2030). Many industrial machines, such as pumps, compressors, conveyors, and large manufacturing equipment, use motors with integral horsepower ratings to provide the necessary power for various operations. Tractor combines, and other agricultural machinery are equipped with engines or motors that have integral horsepower ratings to handle the demanding tasks of farming. Integral horsepower output is crucial in applications where substantial power and torque are required to perform heavy-duty tasks efficiently.
The AC Motor segment is leading the Global Electric Motor Market by Type in 2022; thereby, achieving a market value of $141.0 billion by 2030. AC motors are highly versatile, capable of being controlled and adapted for different load requirements and applications. Their efficiency, reliability, and cost-effectiveness make them an essential component in the electric motor market, serving various industries and applications. The ongoing development of AC motor technology continues to improve their performance and efficiency, further expanding their utility in the market.
The Industrial Machinery segment is exhibiting a CAGR of 7.1% during (2023 - 2030). Electric motors power conveyor belts in factories and warehouses, facilitating the movement of raw materials, products, and finished goods. Electric motors are used in power generation plants to operate equipment such as turbines, generators, and pumps. Electric motors are integral components in industrial machinery, contributing to increased productivity, precision, and energy efficiency in various manufacturing and processing operations.
The Asia Pacific region dominated the Global Electric Motor Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $110.0 billion by 2030. The Europe region is anticipating a CAGR of 6.5% during (2023 - 2030). Additionally, The North America region would register a CAGR of 6.8% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/electric-motor-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Robert Bosch GmbH, General Electric Company, Siemens AG, Hitachi, Ltd., Mitsubishi Electric Corporation, ABB Group, Denso Corporation, Magna International, Inc., Toshiba Corporation, Emerson Electric Co.
By Output Power (Volume, Thousand Units, USD Billion, 2019-2030)
By Type (Volume, Thousand Units, USD Billion, 2019-2030)
By End User (Volume, Thousand Units, USD Billion, 2019-2030)
By Geography (Volume, Thousand Units, USD Billion, 2019-2030)
Companies Profiled
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